The Parliamentary Joint Committee (PJC) on Corporations and Financial Services has no intention of rewriting MySuper after its public hearing on the government’s low-cost superannuation product later this week, the committee head said yesterday.
PJC chair Bernie Ripoll said the committee would use evidence presented at the hearing on Friday in Canberra to add value or, at most, recommendations to its report, to be tabled in Parliament on 13 March.
“What we want to get out of [the hearing] is a better examination of the legislation that’s proposed and see if there’s any constructive way the committee can add value to what’s currently on the table,” Ripoll told InvestorDaily.
“We’re not here to rewrite or reinvent what’s currently proposed. We’re here to have a look at it and come up with some views from the committee or some recommendations.”
Representatives of the Association of Superannuation Funds of Australia, Treasury and the Financial Services Council are among industry participants scheduled to give evidence at the hearing.
Meanwhile, the PJC was putting the finishing touches on its Future of Financial Advice (FOFA) reforms report to be tabled today in the House of Representatives.
“It’s been a good process and a healthy process,” Ripoll said.
“Anything that we can do to add value, I think is a constructive and positive thing to do. That’s certainly my expectation when I table the report.”
Two days of public hearings on FOFA triggered calls from the financial advice industry and PJC member and opposition financial services and superannuation spokesman Mathias Cormann for a detailed financial impact assessment of the draft reforms.
Labor Party ructions, which culminated in Prime Minister Julia Gillard calling and winning a contested leadership ballot, have sparked concerns of further delays to FOFA, which has caused angst among advisers who say the laws lack clarity.
However, Ripoll denied there would be delays. “Everything is still on schedule and on track,” he said.
The PJC began its review of the FOFA bills in October last year following a request by the Senate. In November last year, the House of Representatives referred the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 for inquiry and report.
